MOORHEAD вЂ” Moorhead City Councilwoman Heidi Durand says it is time to stop payday advances that typically charge triple-digit interest levels.
Durand said the "working poor or even the most financially strapped or susceptible" are taking right out vast amounts of these loans in Clay County, incorporating as much as thousands of dollars in interest re payments and costs taken off the regional economy.
Numerous borrowers, she stated, can not get that loan from another institution that is financial. Per capita, the county ranks second among the list of 24 in Minnesota which have a minumum of one cash advance lender.
Ongoing state legislation enables a two-week loan of $380, as an example, to cost up to $40, a 275% interest. Continue reading Moorhead councilwoman leads fee to get rid of ‘vicious period’ of payday advances